Start Saving Money on Insurance Policy

Compare Life, Health, Car and Two wheeler Insurance rates from top Insurance companies for free.

1,000+ Reviews
Been Here Before?
Get Back to My Quotes

Life Insurance Corporation of India (LIC) Price List in India

Life Insurance Corporation of India (LIC) is the largest government-owned life insurance and Investment Corporation for individual insurance needs and it is introduced on Sep 1st, 1956. LIC's main role is to invest in global financial markets and different government certainties after gathering funds from people through life insurance policies. The importance of LIC Life insurance is to provide individuals with financial cover against demise at affordable costs to rural areas and people exist with poverty and less fortunate people. The cost of LIC life insurance varies depending on the type of policy that you choose to buy.

LIC Life Insurance Company

LIC has the lion share in the life insurance business in the Indian market and the smaller share is being taken by the private life insurance companies. LIC is the oldest life insurance company in India and the only government-run life insurance company in India and there are almost 25 private life insurance players in the Indian market competing for the life insurance business. The life insurance penetration in India for the year 2020 stands at 3.7% of the GDP which is one of the lowest in the world, while the World average stood at 6.31% of the GDP for the same year. The life insurance policy sector in India is growing at the rate of 12% while the general insurance sector is growing at the rate of 18% per annum.

Life Insurance Corporation of India LIC is the largest life insurance company in India. Life insurance is a contract between the insurance company and insured person (customer) for payment gateways of periodic intervals, date of maturity, or, the unfortunate death of the person. The LIC life insurance plans provide you the benefits of protection and savings, combined with financial support lifelong. LIC Life insurance consists of different types of policies such as Term insurance, Endowment Insurance, Annuity or Retirement Plans, Child Plans, Return of premium plans, etc.

LIC Life Insurance Highlights

Claim Settlement Ratio 98.62%
Inception 1956
Branches 2048
Death Benefit Paid For 73809 Policies
Solvency Ratio 1.55
Annual Premium Income 1,78,276 Crores

Benefits of LIC Life Insurance

LIC Life Insurance Benefits

  • Hassle-free Claim Settlement:  LIC Life Insurance Company offers 1-day claim approval on eligible policies. The claim process is a bit longer in life insurance when compared to other types of insurance as there would be many things to take into consideration before settling the claim.
  • Whole Life Insurance Cover: LIC life insurance Company provides an option to have the whole life cover up to 99 years of age in case of term life insurance plans.
  • Easy Policy Issuance: The policy issuance process in LIC Life Insurance Company is very smooth and the policy would be issued within the least possible time, within 1 day in some cases.
  • No lengthy Documentation: Buy LIC life insurance policy online instantly with no lengthy documentation process. LIC Life insurance company has Simple insurance purchase procedures.
  • Discounts: Certain age groups and professionals can avail a host of discounts on their life insurance policies.
  • High Life Coverage at an Affordable Premium: LIC term life insurance is one of the most affordable life insurance covers available in the Indian insurance market. The term insurance plans don’t have any investment component which thereby reduces the premium to be paid for availing the life coverage. Life insurance plans from LIC life insurance are the cheapest in the market with high life coverage.

Why LIC is the Best in Life Insurance

  • Variety of Plans: Life Insurance Corporation (LIC) offers life insurance policies for individuals, families, senior citizens, and childless couples. They offer a variety of plans with different features and benefits; including term plans, whole life policies, endowment plans, and ULIPs, etc.
  • Industry Leader: Life Insurance Corporation of India (LIC) has a technologically advanced network to provide you with the most advanced and efficient services with over 2000 branch offices and 156 satellite branches. The organization uses technology such as WAN, IVRS, LAN, IVRS, and even EDMS, which allows customers to go paperless.
  • Easy Claim Settlement: LIC provides a simplified claim procedure. This is the reason perhaps why it provided the highest percentage of Claim Settlement Ratio. As per the IRDAI report, the LIC life insurance claim settlement ratio is 96.69% among all life insurance companies it has with highest claim settlement ratio.
  • Customer Support: The customer support of LIC is one of the best in the industry. They provide the best services to its customers.
  • Trust ensured: LIC is the most trusted insurance company with hundreds of recognitions and awards and LIC policy is trusted by millions of people. 

LIC Life Insurance Plans

LIC Life Insurance Term Plans

i. LIC’s TECH TERM

This plan is a non-linked insurance policy that provides financial protection to the family in case of the policyholder’s death.

Key Features:

  • Entry age: 18 years
  • Maturity Age: 80 years
  • Sum Assured: Rs. 50 lakhs
  • Policy Term: 10 to 40 years
  • Premium Payment Term: 5/10/15/40 years based on single, regular, and limited premium.

ii. LIC’s Jeevan Amar

This plan is a non-linked insurance policy that provides financial protection to the family in case of policyholder’s death due to smoking and drinking habits there is flexibility to choose the level sum assured and increasing sum assured.

Key Features:

  • Entry age: 18 years
  • Maturity Age: 80 years
  • Sum Assured: Rs. 25 lakhs
  • Policy Term: 10 to 40 years
  • Premium Payment Term: 5/10/15/40 years based on regular and limited premium.

iii. LIC’s Saral Jeevan Bima

This plan is a non-linked insurance policy that provides financial protection to the family in case of the policyholder’s death during the policy term.

Key Features:

  • Entry age: 18 years
  • Maturity Age: 70 years
  • Sum Assured: Rs. 5 to 25 lakhs
  • Policy Term: 5 to 40 years
  • Premium Payment Term: 5 and 10 years based on single, regular, and limited premium.

LIC Whole Life Insurance Plans

i. LIC’s Jeevan Umang

This plan is a combination of income and protection for your family. This plan provides for annual survival benefits and lumps sum payment at the time of death of the customer during the policy period.

Key Features:

  • Entry age: 90 days
  • Maturity Age: 100 years
  • Sum Assured: Rs. 2 lakhs
  • Policy Term: No limit
  • Premium Payment Term: 15, 20, 25, and 30 years.

LIC Life Insurance Pension Plans

i. Pradhan Mantri Vaya Vandana Yojana

This plan is initiated by the government of India provides pension under this plan with assured benefits of monthly payments.

Key Features:

  • Entry age:  60 years
  • Maturity Age: no limit
  • Sum Assured: Rs. 1000 per month
  • Policy Term: 10 years
  • Premium Payment Term: Based on yearly, half-yearly, quarterly, monthly.

ii. LIC’s Jeevan Akshay - VII

This plan is an immediate annuity plan where there are 10 available options on payment of a lump sum amount. The annuity rates are guaranteed at the policy and annuities are payable through the lifetime.

Key Features:

  • Entry age: 30 years
  • Maturity Age: 85 years
  • Sum Assured: Rs. 1000 per month
  • Policy Term: 10 to 40 years
  • Premium Payment Term: Based on yearly, half-yearly, quarterly, monthly.

iii. LIC’s New Jeevan Shanti

This plan has the dual benefit of single-life and joint-life annuity plans. The annuity premium rates are payable through postponement to lifetime.

Key Features:

  • Entry age: 79 years
  • Maturity Age: 80 years
  • Sum Assured: Rs. 1000 per month
  • Policy Term: 12 years
  • Premium Payment Term: Based on monthly, quarter, half-yearly, annually.

iv. LIC’s Saral Pension

This plan has the dual benefit of single-life and joint-life annuity plans. The annuity premium rates are payable through postponement to a lifetime.

Key Features:

  • Entry age: 40 years
  • Maturity Age: 80 years
  • Sum Assured: Rs. 1000 per month
  • Premium Payment Term: Based on yearly, half-yearly, quarterly, and monthly.

LIC Life Insurance ULIP Plans

i. LIC’s NIVESH PLUS

This plan is a unit-linked, non-participating, single premium individual insurance plan investment cover through the term policy.

Key Features:

  • Entry age: 90 days
  • Maturity Age: 70 years
  • Sum Assured: Rs. 1 lakh
  • Policy Term: 10 to 25 years
  • Premium Payment Term: Based on single premium mode.

ii. LIC’s SIIP

This plan is an investment risk that covers premium throughout the policy as four fund types as each premium paid, after deduction of premium allocation charges, increase and decrease of values depend on Net Asset Value.

Key Features:

  • Entry age: 90 days
  • Maturity Age: 65 years
  • Sum Assured: Rs. 4000 per month
  • Policy Term: 10 to 25 years
  • Premium Payment Term: 10 to 25 years based on yearly, monthly, quarterly, half-yearly.

iii. LIC’s NEW ENDOWMENT PLUS

This plan is a unit-linked non-participating assurance plan which offers investment insurance cover for long term savings and flexibility to build a better life dream.

Key Features:

  • Entry age: 90 days
  • Maturity Age: 60 years
  • Sum Assured: Rs. 3000 per month
  • Policy Term: 10 to 20 years
  • Premium Payment Term: Based on monthly, quarter, half-yearly, annually.

LIC Life Insurance Health Plans

i. LIC’s Cancer Cover

This plan is to cover a regular premium payment health insurance plan which provides financial protection in case the life assured is diagnosed with any of the specific early/advanced cancer stages during the policy term.

Key Features:

  • Entry age: 20 years
  • Maturity Age: 65 years
  • Sum Assured: Rs. 2400 per month
  • Policy Term: 10 to 30 years
  • Premium Payment Term: Based on half-yearly, annually.

ii. LIC’s Arogya Rakshak:

This plan is a non-linked, non-participating, regular premium, an individual plan which provides fixed benefit health insurance cover against families' financial difficulties.

Key Features:

  • Entry age: 18 years
  • Maturity Age: 65 years
  • Sum Assured: Rs. 2500 per month
  • Policy Term: 10 to 20 years

LIC Life Insurance Money Back Plans

Plans What is it? Age of Entry Maturity age Annual Premium Policy Term
LIC’s New Bima Bachat This plan is a participating non-linked savings policy that provides financial protection against death during the policy term. 15 years 65 years Rs. 5000 p.m. 9, 12, and 15 years
LIC’s New Money Back Plan – (20 to 25 years) This plan offers combinations of protection against death throughout the term of the plan with the periodic payment on survival benefits during the term. 13 to 50 years 70 years Rs 5000 p.m. 20 years and 15 years
LIC’s Jeevan Umang This plan offers a combination of income and protection to your family provides for annual survival benefits from the end of the premium paying term till maturity at the time of demise. 90 days 100 years Rs. 2 lakhs p. a No limit
LIC’s New Children’s plan This plan provides financial support to your children to meet educational, marriage, and risks covered in the life of the child during the policy term. 0 to 12 years 12 years Rs. 1 lakh p.a 25 years
LIC’s Jeevan Tarun This plan is to meet the educational financial needs of growing children. 90 days 12 years Rs. 5000 p. m 25 years
LIC’s Jeevan Shiromani This plan offers financial support for the family in case of the unfortunate death of the policyholder. 18 years 55 years Rs. 1,00,000 4 years
LIC’s Bima Shree This plan is designed for financial support for the family in case of the death of policyholders during the policy term. 8 years 55 years Rs. 10 lakhs 14, 16, 18, and 20 years.
LIC’s Dhana Rekha Plan LIC’s Dhana Rekha is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan that provides combination of both protection and savings. 8 to 60 Years 28 to 40 Years Rs.2 Lacs to No Limit 20 to 40 Years

LIC Life Insurance Endowment Plans:

Plan What Is It? Entry Age Maturity Age Sum Assured Policy Term Premium Payment Option
LIC’s Bima Jyothi LIC’s Bima Jyoti is a Non-Linked, Non-Participating, Individual Savings Plan that offers a combination of protection and savings. 90 days to 60 years 18 to 75 years Minimum 1 Lac to Maximum No limit 15 to 20 years Single-Premium
LIC’s Bachat Plus LIC’s Bima Jyoti is a Non-Linked, Participating, Individual Savings Plan that offers a combination of protection and savings. 90 days to 40 years 18 to 80 years Minimum 1 Lac to Maximum No limit 10 to 25 years Single-Premium, Limited Premium
LIC’s New Endowment Plan LIC’s New Endowment Plan is a Non-linked, Participating, Individual Savings Plan that offers a combination of protection and savings. 8 years to 55 years 18 to 75 years Minimum 1 Lac to Maximum No limit 12 to 35 years Monthly, quarterly, half-yearly, yearly
LIC’s New Jeevan Anand LIC’s New Jeevan Anand Plan is a Non-linked, Participating, Individual, Savings Plan that offers a combination of protection and savings. 18 years to 50 years 18 to 75 years Minimum 1 Lac to Maximum No limit 15 to 35 years Monthly, quarterly, half-yearly, yearly
LIC’s Single Premium Endowment Plan LIC’s Single Premium Endowment Plan is a Non linked, Participating, Individual, Savings Plan that offers a combination of protection and savings. 90 days to 65 years 18 to 75 years Minimum 50,000/- to Maximum No limit 10 to 25 years Single premium
LIC’s Jeevan Lakshya Plan LIC’s Jeevan Lakshya is a Non-linked, Participating, Individual, Life Assurance plan which offers a combination of protection and savings. 18 years to 50 years 18 to 65 years Minimum 1 Lac to Maximum No limit 13 to 25 years Monthly, quarterly, half-yearly, yearly
LIC's Jeevan Labh Plan LIC's life insurance Jeevan Labh plan is a non-linked, limited premium paying, endowment plan. This plan provides financial support for the family in case of the unfortunate death of the policyholder any time before maturity. Minimum 8 years Maximum 59 years for PT 16 years 54 years for PT 21 years 50 years for PT 25 years 18 to 75 years Minimum Rs. 2 Lakhs Maximum No limit 16 years 21 years 25 years Monthly, quarterly, half-yearly, yearly
LIC’s Aadhaar Stambh Plan LIC’s Aadhaar Stambh is a Non-Linked, Participating, Individual, Life Assurance plan designed exclusively for male lives, which offers a combination of protection and savings. 8 years to 55 years 18 to 70 years Minimum Rs.75000/- Lakhs Maximum 3 Lakhs 10 to 20 years Monthly, quarterly, half-yearly, yearly
LIC’s Aadhaar Shila Plan LIC’s Aadhaar Shila is a Non-Linked, Participating, Individual, Life Assurance plan designed exclusively for female lives, which offers a combination of protection and savings. 8 years to 55 years 18 to 70 years Minimum Rs.75000/- Lakhs Maximum 3 Lakhs 10 to 20 years Monthly, quarterly, half-yearly, yearly

LIC Life Insurance Micro Insurance Plans

Plans What is It? Age of Entry Maturity Age Policy Term Sum Assured Premium Frequency Mode
LIC’s Bhagya Lakhsmi Plan LIC Bhagya Lakshmi Plan is a micro insurance plan that provides financial assistance to low-income group people. 18 to 65 years 65 years Premium Paying Term+ 2 years Rs. 20000/- to 50000/- Yearly, Half-Yearly
LIC’s New Jeevan Mangal New Jeevan Mangal is a micro insurance plan is designed to offer protection and peace of mind to individuals. 18 to 55 years 65 years 1 to 15 years Rs. 10000/- Weekly, Monthly, Quarterly, Half-Yearly, Yearly
LIC’s Micro Bachat Plan LIC’s Micro Bachat Plan is a micro insurance plan that provide financial support to the policyholder's family in case of his death during the term of the policy. 18 to 55 years 70 years 10 to 15 years Rs.50000 to 2 Lacs Monthly, Quarterly, Half-Yearly, Yearly

LIC Life Insurance Group Plans

Plans What is It? Age of Entry Maturity Age Group Size
LIC's New Group Superannuation Cash Accumulation Plan New Group Superannuation Cash Accumulation Plan is non-linked, non-participating superannuation group insurance plan. 18 to 75 years 85 years 10 to 50 Members
LIC's New Group Gratuity Cash Accumulation Plan New Group Gratuity Cash Accumulation Plan is a non-participating, non-linked, fund-based variable insurance policy. 18 to 75 years 80 years 10 to No limit
LIC's New Group Leave Encashment Plan New Group Leave Encashment Plan is a Non-linked, non-participating, fund-based variable insurance plan. 18 to 75 years 80 years 10 to No limit
LIC's Group Credit Life Insurance Group Credit Life Insurance plan is a Non-linked and non-participating single premium group term insurance plan 18 to 60 years 65 years 50 Members
LIC's Single Premium Group Insurance Single Premium Group Insurance plan is a non-participating, non-linked, single premium payment, term insurance policy that is especially catered towards employees of an organisation or members of an affinity/homogenous group. 18 to 60 years 65 years 50 Members
LIC's New One Year Renewable Group Term Assurance Plan I New One Year Renewable Group Term Assurance Plan I is a non-participating and non-linked annually renewable group term insurance policy 8 to 75 years 80 years 25 to 50 Members
LIC's New One Year Renewable Group Term Assurance Plan II New One Year Renewable Group Term Assurance Plan II is a non-participating and non-linked annually renewable group insurance plan that offers life cover to members of employees of an organisation. 8 to 75 years 80 years 25 to 50 years

LIC Life Insurance Withdraw Plans

  • LIC’s Bhagya Lakhsmi
  • LIC’s Jeevan Akshay - VII
  • LIC’s New Jeevan Shanti
  • LIC’s Saral Pension
  • LIC’s Bima Jyothi
  • LIC’s New Jeevan Mangal
  • LIC’s Jeevan Arogya

Is Investment in LIC Life Insurance Worth?

  • Safe Protection: The LIC life insurance policy protects against risk benefits due to death or accident. And the sudden demise of the policyholder the insurer pays the entire amount of sum assured to the nominee itself.
  • Allowance: LIC life insurance allows long-term savings effortlessly with premium payments of monthly, quarterly, half-yearly, or yearly.
  • Contract of Insurance: At the time of taking a policy every person ensures that all the questions of the proposal form. Any distortion or fraud acceptance leads to insurance contracts being nonexistent.
  • Tax Benefit: As per the income tax act 1961 LIC life insurance policy gets tax benefits under section 80c the amount of premium paid is low.
  • Affordable: An affordable and suitable insurance plan works effectively to meet the needs of common people like child’s education, retirement pension facilities, and households in long run at low premiums.
  • Exchange: LIC Life insurance is affordable and easy to secure loans on the sole security of life insurance policy as security to commercial loans also.

LIC Life Insurance Calculator

Life Insurance Corporation LIC provides online LIC life insurance calculator tool is used to calculate the premium of the LIC life insurance policy. PolicyBachat offers an online tool Premium Calculator to calculate the premium of your insurance plan. You can calculate the amount of premium payable by entering a few details such as mobile number, name, date of birth, email address, occupation, type of policy, sum assured, gender, state, etc.

The premium paid by the customer is depending on many factors. The Factors affecting the premium are the age of the policyholder, type of policy, sum assured required, etc. The premium calculator tool will reflect the estimated premium amount that the policyholder will have to pay for the cover he/she requires based on these factors. Once you provide all the relevant details and then click on the submit tab, you will receive details regarding your monthly premium.

Riders offered by LIC Life Insurance

The following riders are offered by LIC

  • Accidental Death Benefit Rider
  • Accidental Disability Benefit Rider
  • Critical Illness Benefit Rider
  • Term Assurance Rider

LIC Life Insurance Riders

LIC Life Insurance Claim Process

Step 1 - Claim Intimation:

The claim intimation can be done online or offline which should contain basic information such as the Name of the Policyholder, Policy number, Date of Maturity, etc. In case of offline intimation, the claim form can be availed from the nearest life insurance branch and duly filled before submission.

Step 2 - Submission of Documents:

Once the claim intimation is done and the claim intimation number is obtained, the next step is to provide all the relevant documents to the insurance company. It is advisable to submit all the documents in one go to avoid to and fro communication with the insurance company.

Step 3 - Claim Settlement:

After receiving all the documents the claim is processed and the insurance company releases the funds into the account mentioned in the claim intimation form.

Documents Required to Claim a LIC Life Insurance Policy

  • The death certificate of the deceased
  • Beneficiary’s ID proof
  • Original documents related to policy
  • Insurer’s age proof
  • Medical certificate
  • Police FIR and
  • post-mortem report
  • Hospital records
  • Cremation certificate

List of Life Insurance Companies:

FAQ's of LIC Life Insurance

How to Close LIC Life Insurance Policy?

LIC Life Insurance Policy can be closed by the policyholder at any point of time after the policy start date by writing to the insurance company and filling the cancellation form. You can close your LIC life insurance policy without losing money while the policy is in a free look period. If the policy is to be closed within the free look period, it can be done without any premium deduction by the insurance company.

What are the Advantages of LIC Life Insurance Policy?

  • Financial Protection
  • Life Cover
  • Tax Benefits
  • High coverage at low premium

How to Revive LIC Life Insurance Policy?

You can revive your policy anytime within 5 years from the date when the first premium was unpaid. To revive lapsed LIC life insurance policy, the policyholder needs to make an application for revival to the company. The company may prescribe submitting a standard revival form. The insured fails to pay the premium within the grace period and the coverage of the policy lapses. The inclusion of revival of policy is a must to have as it provides an option to the insured person to renew the policy and continue with the coverage of the plan.

Recent Posts

Reviews & Overall Rating

PolicyBachat has near-perfect ratings on Google and Facebook. Here’s what our customers are saying.

PolicyBachat Rating

Dots

Start Saving Money on Insurance Policy

Compare Life, Health, Car and Two wheeler Insurance rates from top Insurance companies for free.

1,000+ Reviews
Been Here Before?
Get Back to My Quotes

Leave a rating!

0.0 (0 votes)

Please wait while your request is being processed.